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Feb 05, 2009
Drilling Commences On Mindoro'S Kay Tanda Gold Resource
EDMONTON, Alberta; February 5, 2009 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to advise that the drill rig has arrived and drilling is commencing on the Kay Tanda epithermal gold-silver resource, Archangel Project, Philippines. The drill program is being carried out by Avocet Mining PLC. pursuant to a Memorandum of Agreement signed with Mindoro on September 23, 2008, which will allow Avocet to earn up to a 75 percent interest in Mindoro's Archangel Project.
The drilling programme will consist of up to 17 diamond drill holes with a total metreage of 2,240 meters. Avocet has the right to cancel or modify holes as needed, subject to completing a minimum 1,500 metres. The drilling, part of a six month due diligence program, was to be completed by May 28, 2009, however, due to prior delays in mobilizing the rig, Mindoro is granting Avocet a three month extension to the program.
The drilling program aims to upgrade the existing NI 43-101 compliant resource estimate by finding more high-grade gold zones. Many high-grade gold intercepts encountered in the previous drill program were not included in the resource estimate due to lack of information on geological controls. This drilling program will attempt to understand the gold grade distribution and orientation of the epithermal vein zones by drilling across (at right angles to) the previous drilling pattern. The drill holes will also target potential parallel veins that may have been missed by previous drilling.
ABOUT KAY TANDA
Mindoro has completed 147 reverse circulation and 26 core drill holes at Kay Tanda. Almost all holes encountered near-surface, generally flat-lying to gently-dipping blanket-like low-grade stockwork mineralization. This is strongly to partially oxidized to depths of 40 to 160 meters and non-oxide below this. Drilling, especially at deeper levels, encountered at least five steeply-dipping much higher-grade zones with bonanza grades to 246 g/t gold and over 1,000 g/t silver which are interpreted as structurally controlled upflow, or "feeder" zones. These feeder zones appear to trend NW to SE, at right angles to the dominantly NE to SW trending lower grade stockwork system.
On February 6, 2008, Mindoro released a NI 43-101 compliant mineral resource estimate reporting a total inferred resource of 11,599,000 tonnes at 0.70 g/t gold and 3.0 g/t silver (262,000 contained ounces gold) and a total indicated resource of 3,365,000 tonnes at 0.88 g/t gold and 8.0 g/t silver (95,000 contained ounces gold).
Many gold mineralized intercepts, including much of the bonanza grade material, were not included in the resource estimate due to wide drill spacing, averaging 50 meter centers, and lack of information on geological controls. High grade intercepts were top-cut to 9 or 10 g/t gold. Additional drilling is required to understand these geological controls and potentially increase both the grade and tonnes of the gold-silver resource.
Tony Climie, P.Geol, is the Qualified Person responsible for monitoring the supervision and quality control of Mindoro's programs and who has reviewed and verified the technical information contained in this news release.
Avocet is a mining company listed on the AIM market of the London Stock Exchange (Ticker: AVM). The Company's principal activities are gold mining and exploration in Malaysia (as 100 per cent owner of the Penjom mine, the country's largest gold producer), and Indonesia (as 80 per cent owner of the North Lanut gold mine and Bakan project in North Sulawesi). The Company has a number of other advanced mining and exploration projects in South East Asia.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on copper-gold and nickel exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has a Memorandum of Understanding with Avocet Mining and a Letter of Agreement with Gold Fields covering its Batangas projects.
Mindoro is well positioned to capitalize on the global demand for gold in 2009 with plans underway to drill the Kay Tanda and Lobo gold projects, funded by Avocet and Gold Fields, and drill the American Tunnels gold project. Additional 2009 objectives include finalizing one to two additional joint venture arrangements on Mindoro's porphyry copper-gold prospects at Pan de Azucar and Surigao and identifying a suitable partner to fund development of the significant Agata North nickel resource.
For further information, contact:
INVESTOR RELATIONS - CANADA
Mindoro Resources Ltd.
Penny Gould, President: firstname.lastname@example.org
Tel: 780.413.8187 or Toll Free: 1.877.413.8187
Renmark Financial Communications Inc.
Barbara Komorowski: email@example.com
Jason Roy: firstname.lastname@example.org
INVESTOR RELATIONS - EUROPE
Robert Sarcher: email@example.com
Tel. 49 821 6089051
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
You can view the Next Press Releases item: Thu Feb 19, 2009, Mindoro Closes Private Placement; Planning Underway to Drill American Tunnels
You can view the Previous Press Releases item: Thu Jan 29, 2009, Mindoro Reports Progress On The Batangas Joint Ventures
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